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There is much opportunity to grow in Europe under new mgr ➡
" IREIT?s Unitholders at EGM strongly support
broadened investment mandate to enhance
portfolio diversification and grow long term
stable income
Backed by 99.98% of votes, IREIT will now look to invest beyond the
office into the retail and industrial (including logistics) market segments
Diversification by tenant, country (within Europe), asset and lease expiry
will enhance cashflow visibility
A broader and larger portfolio also allows greater flexibility to improve
the efficiency of IREIT?s financial and capital structure
" IREIT?s Unitholders at EGM strongly support
broadened investment mandate to enhance
portfolio diversification and grow long term
stable income
Backed by 99.98% of votes, IREIT will now look to invest beyond the
office into the retail and industrial (including logistics) market segments
Diversification by tenant, country (within Europe), asset and lease expiry
will enhance cashflow visibility
A broader and larger portfolio also allows greater flexibility to improve
the efficiency of IREIT?s financial and capital structure
Tq Roger,... The 10% income retained per qtr amounts to only 651,000 Euros, but the partial loan repayment per qtr starting from coming August comes to a whopping 1,275,000 Euro per qtr, ie about twice the income retained. It is not enough for the 10% to cover,.....
IREIT Global still needs to do a dvd cut,... don' t you think so, mathematically ??
IREIT Global still needs to do a dvd cut,... don' t you think so, mathematically ??
RogerTech ( Date: 13-Jul-2017 14:17) Posted:
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I believe: 1.44 SGD cents is the result of 90% payout !
chengwh1 ( Date: 13-Jul-2017 12:33) Posted:
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IREIT Global used to pay out 100% of NPI, from 2017Q1, they will pay out 90% of NPI.
i.e. the retained 10% of NPI is for paying debt.
i.e. the retained 10% of NPI is for paying debt.
Apologies, correction here : The reduction in the dpu in SG Cts, ie after conversion over from the Euro Cts would be : 1.440 SG Cts - 20% = 1.152 SG Cts left for payout per unit, with an assumption of all else remaining equal.
In the ' UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 31 MARCH 2017 ' , on pg 5, at the bottom, there is mention that : Commencing August 2017, partial loan repayments in four quarterly instalments of &euro 1.275 million each will be made, with the remaining principal repayable on a bullet basis in July 2018. THis will reduce the Income Available for Distribution by that amunt. Taking the 1Q distributable income as a benchmark, 6.5m Euros minus 1.275m Euros = 5.225m Euros, left for paying out to unitholders starting from the quarter Jul to Sep 2017. A rough calcuation would see a 20% reduction in the dpu, hence 1.440 Euro Cts - 20% = 1.152 Euro Cts left for payout per unit, all else remaining equal.
I also noticed that the SP of TKO.PA, the mother company of the manager is not doing well, and is on a downtrend,...
I also noticed that the SP of TKO.PA, the mother company of the manager is not doing well, and is on a downtrend,...
as per Preso 2017Q1:
(1) Effective Interest Rate: 2.0% per annum
(2) Interest Coverage Ratio (ICR): 8.5 times
(3) Average Weighted Debt Maturity: 2.6 years
ICR is Brilliant reflecting the fact that in low IR env, leverage can be a good thing !
The only thing needing to bear in mind: the new trust-manager may inject new assets into the REIT --> rights issue.
again, rights issue may not be a bad thing if the proceeds is used to acquire assets and boost DPU.
(1) Effective Interest Rate: 2.0% per annum
(2) Interest Coverage Ratio (ICR): 8.5 times
(3) Average Weighted Debt Maturity: 2.6 years
ICR is Brilliant reflecting the fact that in low IR env, leverage can be a good thing !
The only thing needing to bear in mind: the new trust-manager may inject new assets into the REIT --> rights issue.
again, rights issue may not be a bad thing if the proceeds is used to acquire assets and boost DPU.
Okay, Roger,.... thank you,.. appreciated your good opinions,...will look up,...
RogerTech ( Date: 12-Jul-2017 11:25) Posted:
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(1) I already talked about IR risk in my previous reply. The IR will remain low in EU for next couple of years or even longer
(2) Weighted Average Lease Expiry: 5.7 years -> WALE is almost 6 years what do you worry? plus security deposit is collected.
(3) income for DPU is hedged.
Please take a look at their latest Preso for 2017Q1 (get from SGX.com) for more details.
(2) Weighted Average Lease Expiry: 5.7 years -> WALE is almost 6 years what do you worry? plus security deposit is collected.
(3) income for DPU is hedged.
Please take a look at their latest Preso for 2017Q1 (get from SGX.com) for more details.
chengwh1 ( Date: 12-Jul-2017 11:10) Posted:
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Tq Roger,... after scouring for infos here and there, I collected the following three risks pertaining to IREIT Global :-
1) interest rate risk, relatedto gearing risk.
2) tenant concentration risk, more than 50% of the rental collected is from Deutche Telecoms.
3) exchange rate risk, due to rentals being collecyed in the Euros, but paid out in SGD here in SG. But I did not read-up on any hedging activities put in place.
Appreciated comments please,... quite keen on this counter, actually,....
1) interest rate risk, relatedto gearing risk.
2) tenant concentration risk, more than 50% of the rental collected is from Deutche Telecoms.
3) exchange rate risk, due to rentals being collecyed in the Euros, but paid out in SGD here in SG. But I did not read-up on any hedging activities put in place.
Appreciated comments please,... quite keen on this counter, actually,....
RogerTech ( Date: 11-Jul-2017 14:15) Posted:
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Perpetual dpu collection
Just recall: FED was talking about pulling back QE and IR hike in early 2013 Now it is after more than 4 years, is the IR in US very high?
even IF ECB pull back QE and hike IR, the European economies will falter, what will ECB do?
even IF ECB pull back QE and hike IR, the European economies will falter, what will ECB do?
But,.... the ECB and Mario Draghi are not talking about pulling back QE, and then soon,... may increase Euro$ borrowing rates too,... Isn' t this a ticking timebomb ??
RogerTech ( Date: 10-Jul-2017 20:21) Posted:
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80% Accordia Golf Trust properties are FREEHOLD. 👍
RogerTech ( Date: 10-Jul-2017 20:21) Posted:
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100% properties are FREEHOLD 👍
Due to the QE/Ultra-low interest rate in EU, higher gear is NOT a bad thing as long as the return on borrowed EUR$ is > > I.R.
the same arguments apply in Japan ! (i.e. ACCORDIA GOLF TRUST).
the same arguments apply in Japan ! (i.e. ACCORDIA GOLF TRUST).
These days perpetual bond are popular.
chengwh1 ( Date: 07-Jul-2017 11:07) Posted:
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Attended the UOB Privileged Conversation last night and heard that The EU is really good and cheap now for us to invest into. Which immediately brings to mind this counter. BUT............the big thorn abt this ctr is its gearing ratio - 41+%. What do you guys think ??
iREIT Global compares to other Office REIT.
http://mystocksinvesting.com/singapore-reits/office-sector/singapore-reit-office-sector-still-under-value-in-general/
Highest Gearing Ratio is Croesus Retail Trust (45.3%), iREIT Global (41.8%), Sabana REIT (41.5%), Cache Logistic Trust (41.2%), Ascott REIT (41.0%) and OUE Commercial REIT (40.8%)
http://mystocksinvesting.com/singapore-reits/singapore-reit-fundamental-analysis-comparison-table-5-november-2016/